I have found a hardcore dream dictionary at the Dream Moods website. Here are some relevant interpretations.
Beard: "To see a long beard in your dream, is representative of old age and insight, and wisdom.
If you are a woman and you dream of growing a beard, signifies your masculine aspect of your personality. You want to be more assertive and wield more power.
If you are a man and don't have a beard in real life, but dream that you are wearing a beard, represents your individualistic attitude. You do not care what others think or say about you."
Mustache: "To dream that you have a mustache when you don't actually have one, signifies that you are hiding an aspect of yourself. You are putting on a disguise or showing a different aspect of your personality.
To dream that you shave off your mustache, denotes that you are revealing your true self. You no longer have to hide under some disguise or some shield. Alternatively, you will try to attempt or reinstate yourself to a position of honor and status and abandon your asociations with illicit pleasures and evil companions.
If you are a woman and dream that you have a mustache, indicates that you are expressing your power through your words and your verbal expression."
Definitely some food for thought there. I would like to see interpretations from a feminist viewpoint, I think there'd be an interesting take on the symbolism of facial hair in dreams.
If anyone has had any dreams about facial hair, please tell all in the comments.